30 year fixed-rate mortgages, the most popular among home buyers, reached their highest reading in eight weeks, Freddie Mac reports in its weekly mortgage market survey.
Here’s a closer look at national averages of mortgage rates for the week ending Jan. 10, according to Freddie Mac:
- 30-year fixed-rate mortgages: averaged 3.40 percent, with an average 0.7 point, rising from last week’s 3.34 percent average. The record low for 30-year rates was reached on Nov. 21, 2012, averaging 3.31 percent. A year ago at this time, 30-year rates averaged 3.89 percent.
- 15-year fixed-rate mortgages: averaged 2.66 percent, with an average 0.7 point, increasing from last week’s 2.64 percent average. Last year at this time, 15-year rates averaged 3.16 percent.
- 5-year adjustable-rate mortgages: averaged 2.67 percent, with an average 0.6 point, dropping from last week’s 2.71 percent average. Last year at this time, 5-year ARMs averaged 2.82 percent.
Source: Freddie Mac